Oct. 3, 2017, 5:58 a.m.
With Nadi due to be declared a city by the end of 2017, a hike in property prices can be expected for land and buildings located in the town’s current outskirts and other areas expected to come under the new municipal expansion.
According to Pacific Valuations Limited managing director, Vinod Lal Bala, the upgrade to city status gives proprietors new found proximity and central location towards developments that will further spur the country’s tourism hub.
“Existing major areas such as Denarau, Wailoaoa, Nadi International Airport and of course transit points to the outer islands already cement Nadi as a highly desirable place to own property in, and there is already an evident rate of housing prices increasing there,” he said.“When outskirt areas such as Korovuto, Nawai and other areas towards Momi come under the new city boundary for Nadi, they will of course be subjected to municipal rates, for which the flow-on will likely be reflected by increasing property prices or rental charges. And of course more infrastructure and public works and generally better services are expected to accompany any areas that come under municipal authority. These areas towards Momi should be particularly attractive with a new casino due to be built at Momi Bay.
“In the meantime, there is continuous investment in areas under existing town boundaries, particularly for Freehold. Flooding in some parts is a downside but something that authorities have been looking into.”
In the Central division, Bala noted that panoramic neighborhoods such as Princess Rd had seen their valuation skyrocket in recent times. “Home hunters could once fetch a house for $600,000 along this area, but now that would be hard to come by, with prices going up to $1 million and beyond. Infrastructural developments and proximity to recreational points add value to any property, and in particular, good views, which is a strong advantage of houses along Princess Rd, where residents can look out over Suva Harbour.
“Domain is an old place and is another area where property prices have gone up, because homes in this neighborhood are quite affluent with good proximity to Suva’s CBD, Government offices and the waterfront. Location is a major factor for valuation.”
A member of the Institute of Valuation & Estate Management of Fiji since 1977, Bala established Pacific Valuation’s head office in Lautoka in 1995, with another branch located at Martinar, Nadi. Prior to this, he worked at the Ministry for Lands for 25 years, most of its as Senior Valuer for the Eastern, Central and Western divisions. He also spent time on an Australian Government fellowship with the Australian Taxation Department’s Valuation Division in Canberra, and the Valuer-General’s Department in Sydney and Darwin, Australia.
Pacific Valuations Ltd covers residential, commercial, industrial, agricultural, vacant land (residential, commercial and industrial) and hotels and resorts, with an extensive clientele that includes lending institutions, insurance companies, statutory bodies, Local Government, solicitors and religious organizations among others.
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